Member Info for Globex

Could be on for a decent breakout here

UBS and Pentwater Capital on the shareholder register and increasing positions has to be significant in context of this tiny market cap.

Other catalyst is recent public sector contract. Again not often you see this on a micro cap. That was hard part done, once in the system they tend to be a foot in the door for more. Other clear tailwind is defence spending ramping up and being set to make up a greater proportion of GDP across Nato nations in coming years.

Appreciate for long term shareholders this can't have been easy, but with all this going on and the company winning increasing number of contracts, personally happy to be in at this bombed out price.

Strikes me this is like a superior version of ALRT for a fraction of the market cap.

Institutional investors building such significant positions has to be telling. Very unusual on a micro cap like this.

All looks quite compelling at this price.

I do admire the precedence of holders here earnestly proposing ways the company could turn things around, but at what point do you accept it's too late? These conversations have been going on since 2022, Sorrell is now 81 years old.

Even if we pretend AI wasn't an existential threat to the entire model, imagine if you were an ad buyer. First thing you look at is reputation of the firm. Already I'm afraid we've fallen at the first hurdle because a) Sorrell is tainted in the industry to put it kindly and b) You look at market value of the company utterly collapsing and realise something is massively amiss here. This is an image obsessed client base and these things matter.

Good to see RNS making that value increase official. This is pretty blockbuster stuff.

https://www.londonstockexchange.com/news-article/USA/update-on-nav-and-spacex-valuation/1737668

Traditionally PE would look to gear up the assets by borrowing against them, but the high level of debt here doesn't leave much meat on the bone. For that reason a imo bid less likely to come from PE, or at least not at a great premium.

Seems the company might have to just trade their way out of this one. Best case I see here is a slow grind upwards - rather than shooting the lights out any time soon. Perfectly decent long termer and a pretty safe bet, but not one to shoot the lights out any time soon. If price continues to fall off a cliff, and gets closer to NAV, I'll certainly look to pick some of these up for that purpose. GL

Good job thanks. Let's hope Neil and co successfully clawback from this scoundrel.

Wow another monster and significantly above bid. Has to be a good sign doesn't it?

Surprised about the price weakness here given quality of assets. Supposed to be one of those boring plodding stocks that grinds upwards while providing a steady income, rather than shedding a third of its value in a couple of months.

It's also a classic PE acquisition target, like with PHP and clearly the for sale process designed to flush a bidder out. NHS demand I'm sure will recover, all the signs are it'll be at capacity this winter. Only concern I have and thing that stops me from buying in big here is the fairly eye watering liabilities, which seems to growing now for consecutive years. Balance sheet might be a bit stretched already for the traditional PE model.

Pity, must have been a real banger of a portfolio for someone to step in and buy it at a premium. That prospective investor going behind the company's backs and acquiring asset for himself is absolutely shameful.

Hopefully the company got him to sign an NDA. Either way you'd think be an open and shut case, presumably he did not even know about the opportunity until introduced to it by Pristine, who would have gone to significant efforts to demonstrate the commercial case for buying it.

Napster is being investigated by the SEC. It's another spoof 'investment'.

https://www.digitalmusicnews.com/2025/11/25/napster-three-billion-funding-round-poof/

I wouldn't read too much into that £50m, his WPP pay peaked at £70m in 2015. Yes for one year. So he chucked equivalent of a good year's salary into this.

I'd go even further and say with hindsight we now can say this was never about building a credible business.

The whole enterprise was just a vehicle for Sorrell's ego, designed as a face saving exercise, in an attempt to try and clean up his reputation after sudden WPP exit under 'mysterious' circumstances. To show he wasn't a one hit wonder. Clearly it hasn't worked out

He's just quite a sad figure now really. Continuing to attack much larger and more successful peers if anything more aggressively now - when this continues its long spiral downwards is a real low. Even for him. One of many.

Roughly as high as the peak of current commodity super cycle for metals.

There will be a certain obligation for UK government to use a UK firm. Optics of them using likes of Publicis wouldn't have been great. Hopefully worthwhile from taxpayer point of view, a truly eyewatering amount of public money.

Https://www.cnbc.com/2025/12/05/spacex-aims-for-800b-valuation-in-secondary-share-sale-wsj-reports.html

As expected one fairly chunky short reduction already, and only one day on from QIA sale. Reinforces sense the high short interest here was QIA related.

Will be interesting to see if more reductions follow in coming weeks with that overhang cleared for now.

Agree it would have been good if Sains themselves had bought these like Natwest did with secondary placing of government's rump stake, but likely this was more than company's buyback kitty could accommodate and QIA would have been working on different timeframe.

Looking at QIA history they owned as much as 25% of this back in 2007 when their holding peaked, since then they've effectively been reducing in the most glacial way so the drop seems a bit over baked. Must simply be mechanics of a fair chunk hitting market in one go.

I am sure this has finally answered mystery of high short interest here. Part of it may well be QIA themselves hedging - plus they must have punted their stake around different banks before and others got wind. Typical insiders.

Https://www.lse.co.uk/rns/USA/proposed-merger-with-edinburgh-worldwide-it-plc-1w99tg3e7m9obuq.html

Not being put to shareholders as Saba vetoing - but I'd be well against this either way.

I see no benefit to the proposal.

EWI a totally different beast, small cap worldwide, whereas this has always been US only - and biggest holdings all large/mega cap.

EWI holds frankly a lot of woeful stuff including from emerging markets and has been underperforming for years. You sense there's no way this would even be proposed if it both weren't being manged by Ballie Gifford. Striking there's no detail on cost savings and very vague on synergies. Hard no from me if it ever gets as far as a vote.

Https://www.lseg.com/en/media-centre/press-releases/ftse-russell/2025/ftse-uk-index-series-review-december-2025

In the end just pipped to the post by fellow Reit BLND with mcap of ~£4.15bn - compared to BBOX a tad over £4bn on final ranking day. Perhaps next quarter, let's see.

https://www.lseg.com/en/media-centre/press-releases/ftse-russell/2025/ftse-uk-index-series-review-december-2025